Romania: The Energy Ministry is changing the management of Conpet

The Ministry of Energy changed five members to the Conpet National Petroleum Conveyor Board, including Liviu Ilasi, the current General Manager of the company, and appointed seven interim administrators by the cumulative vote method. Liviu Ilasi’s four-year term of office at Conpet expires on December 6, which will be replaced by the Ministry of Energy, reports.

On Tuesday’s shareholders’ meeting, Constantin Vaduva was elected as president of the Board of Directors of the company, a press release issued to the Bucharest Stock Exchange (BVB).

Also, seven interim administrators were appointed by cumulative vote: Constantin Văduva, Manuela – Petronela Stan – Olteanu, Constantin – Ciprian Iacob, Antonio – Adrian Spinu, Claudiu – Aurelian Popa, Radu Bugică and Răzvan Ştefan Lefter.

“The following members of the Board of Directors are considered revoked: Ilaşi Liviu, Weiler Dan, Meşca Darius – Dumitru, Chiriac Cristiana, Gheorghe Roxana – Elena. They were not reconfirmed as a result of applying the cumulative voting method, their mandate ceasing as a consequence at the date of the AGOA, “reads Conpet. The term of office of the appointed temporary administrators shall be four months or until the selection procedure provided for in O.U.G. no. 109/2011 on Corporate Governance of Public Enterprises. Conpet achieved net profit in the first nine months of the year, up 11.2%, to 63.11 million lei, from 56.74 million lei in the similar period of 2016, while the turnover was of 282.5 million lei, down 0.1% compared to nine months 2016 (282.8 million lei).


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